UK Underwriting Probe Could Have Wide Fallout

Law360, New York (June 24, 2010, 5:33 PM EDT) -- The U.K. Office of Fair Trading's recently announced antitrust investigation into the equity underwriting market could spell trouble that goes well beyond the probe's immediate consequences, sparking civil litigation and possibly new regulation for banks in the U.S., experts say.

Since regulators in different jurisdictions often cooperate in investigations, the U.S Department of Justice is likely considering opening its own investigation, especially given its increasingly aggressive attitude toward antitrust enforcement under the Obama administration, according to Barry Pupkin, a partner at Squire Sanders & Dempsey LLP....